Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0236%/8h= −25.8% APRpaid last 24h −0.071%

Price spread now: Aevo against BloFin−0.250%113s7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$165as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1191.190% of the position

Long on BloFin Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days−0.461%−$46 on $10k

Price spread, last 3 days (all we have)+0.161%+$16 · spread now −0.250%, 7d avg −0.042%

Together, before fees−0.299%−$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Aevo is 0.209% cheaper against BloFin than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.042%). Swap the legs. The two prices were read 113 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENGU-USDT	0.008797	0.0340	pay 0.0170% / 4h	3h 55m	$1.5M	$2.8M	75x
Short	Aevo PENGU-PERP	0.008775	0.0104	get 0.0013% / 1h	55m 23s	$203K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BloFinbpFee AevobpOrdersPrice spread, now −0.250%Rate

Funding earned: −$49.56
Price spread: −0.250% → −0.042%: −$20.85
Slippage, 4 orders: −$91.04
Fee BloFin: 6 bp × 2 orders: −$12
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$189.45
Costs to cover: 1.190%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Aevo: live order book, 18 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy BloFin live order book, 3 min ago	0.57 bp	9.0 bp −$9	15.4 bp −$154	37.6 bp −$3,762	doesn't fit
Sell Aevo live order book, 18 min ago	28.62 bp	52.9 bp −$53	288.6 bp −$2,886	doesn't fit	doesn't fit

PENGU on 34 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDT	−0.0514%	4h	0.008773	−0.273%	$3.4M	$15.4M	75x	as long as short
Bybit PENGUUSDT	−0.0504%	4h	0.008769	−0.318%	$22.9M	$37.1M	75x	as long as short
Kraken Futures PF_PENGUUSD	−0.0394%	1h	0.008786	−0.126%	$367K	$2.3M	50x	as long as short
Variational Omni PENGU	−0.0281%	4h	0.008802	+0.060%	$869K	$929K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0206%	1h	0.008773	−0.273%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0104%	1h	0.008777	−0.227%	$201	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008780	−0.196%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.091%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0089%	1h	0.008794	−0.031%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008798	+0.011%	$308K	$727K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008774	−0.261%	$23K	$186K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008786	−0.119%	$698K	$778K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008783	−0.159%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008791	−0.064%	$188K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008793	−0.045%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008776	−0.236%	$36.5M	$155.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008773	−0.273%	$7.6M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.193%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008782	−0.171%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008776	−0.239%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008774	−0.261%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008781	−0.182%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008805	+0.091%	$309K	$316K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008805	+0.090%	$461K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008799	+0.023%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008995	+2.251%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008773	−0.273%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008820	+0.261%	$90K	$300K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008768	−0.326%	$181K	$617K	10x	as long as short
Aevo PENGU-PERPshort	+0.0104%	1h	0.008775	−0.250%	$203K	—	3x
Reya PENGURUSDPERP	+0.0238%	1h	0.008776	−0.234%	$296	—	10x	as long as short
BloFin PENGU-USDTlong	+0.0340%	4h	0.008797	long leg	$1.5M	$2.8M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0683%	1h	0.008779	−0.205%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008799	+0.023%	$94K	$103K	50x	as long as short